MAY 6-19, 2020 Down to one A $69.5 million refinancing for One Boulder Plaza consolidates the portfolio into one loan INSIDE Unity Adams County Economic Development and Metro North Chamber of Commerce unite Out of hibernation The Bears Village Apartments in Greeley sell for $12.9 million 21 4 35 FEATURED On Broadway AMLI Residential acquires land at Broadway Park for a 300-unit-plus apartment community 10 CONTENTS Office 6 Multifamily 10 Industrial 14 Retail 16 Boulder County 20 Larimer & Weld Counties 21 Colorado Springs 22 Law & Accounting 28 Property Management 34 Finance 35 CDE News 38 Who’s News 47 by Jennifer Hayes A Denver-based real estate investment management firm grew its local holdings with its purchase of a second-genera- tion industrial building in the Montbello Industrial Park. Black Creek Group paid $12.25 million, accord- ing to public records, for the 151,929-square-foot building on 6.21 acres at 5000 Lima St. in Denver. “Black Creek has been a big fan of Denver for a long time,” said Mace McClatchy, senior vice president and market offi- cer at Black Creek Group, not- ing the Lima property was an attractive addition to its port- folio for myriad reasons. “The location just east of downtown, off I-70 in the Montbello busi- ness park, it’s right in our fair- way.” The Class B building is 100% leased to Express Messenger Systems, doing business as OnTrac. The tenant, a regional distribution company with operations in eight states, has roughly four years remaining on the lease. Constructed in 1973, the building, improved in 2010, includes 21- to 22-foot-clear ceiling height, 15 loading doors and an ESFR fire-suppression system – a rarity in this vintage of property. Exdo Properties sold the building, which it acquired in 2015 for $6.9 million. “All parties were pleased to complete this transaction amid the current uncertainties within the market and underlying sec- ond-generation nature of the asset,” said Drew McManus of Cushman & Wakefield, whodeclined further com- ment on the transaction. McManus a l o n g s i d e Cushman & Wakefield’s Bryan Fry, Ryan Searle and Alec Rhodes represented the seller. “It’s a solidClass Bproperty,” said McClatchy, who doesn’t anticipate any major construc- tion at 5000 Lima. “Black Creek loves Den- ver and remains committed to investment here,” added McClatchy, who noted the firm Black Creek Group buys in Montbello by Jennifer Hayes Elterra Investments traded out of a trio of smaller central Denver apartment properties and into the 78-unit Garfield Park apartments. The private, local investor paid $18.9 million for Garfield Park, located at 1300 and 1325 Garfield St. in Denver’s Con- gress Park neighborhood. Robert Bratley of CBRE rep- resented Elterra Investments in the acquisition aswell as its dis- position of the three-property portfolio. “The buyer purchased Gar- field Park through a 1031 exchange after successfully completing the sale of their three-property central Denver portfolio at the end of March. Despite the inherent challeng- es related to COVID-19, the timing worked out well, and Elterra Investments was able to increase its unit count substan- tially,” said Bratley. Garfield Park, constructed in 1965, comprises amix of studio, one- and two-bedroomunits. The community also features a fitness center, courtyard, laun- dry and leasing facilities. It is less than a block fromNational Jewish Health and within a couple blocks of Sprouts Farm- ers Market as well as Congress Park bars and restaurants. The buyer plans to renovate all of the units with high-end finishes and get them to mar- ket level. A handful of units already were renovated at the time of sale as were the com- mon areas. Additionally, Bratley nego- tiated for Cornerstone Apart- ment Services to take over management during the con- tract and filled several vacan- cies prior to the sale. The prop- erty was 93% leased at the time of closing. Elterra sold to a large, local Denver apartments sell for $31.1 million The 151,929-square-foot building at 5000 Lima St. is fully leased to Express Messenger Systems, doing business as OnTrac. Please see Black Creek, Page 14 DrewMcManus The 78-unit Garfield Park apartments sold for $18.9 million. Please see Elterra, Page 12